Batman - Asia School of Business

KUALA LUMPUR: The impact of artificial intelligence on the job market is real, the CEO of a business school has warned, citing the layoffs it created in the Philippines.

Sanjay Sarma, of Asia School of Business, said a third of the Philippines’s revenue comes from call centres, which businesses outsource to local residents.

He also said that recently, a Swedish fintech company developed an AI assistant that could operate in 23 markets, 24/7, in 35 languages.

The AI, which handled two-thirds of its customer service, managed to attend to customers faster, with the resolution time dropping to two minutes from the previous 11. There was also a 25% drop in repeat inquiries, he said.

It replaced the work of 700 full-time agents, he said at the 11th Malaysia Statistics Conference here today.

Sanjay said the company’s AI is estimated to drive profit up to US$40 million in 20 years.

The impact on jobs is real. We are on the threshold of something incredible, scary, terrifying, and wonderful, he said.

He said the impact AI would have on the Malaysian job market would be staggering.

I think Malaysia has, maybe, five years (before AI impacts jobs in the country), he said.

Originally published by Free Malaysia Today.

KUALA LUMPUR – Lebih 1,000 peserta terdiri daripada ahli statistik, ahli akademik dan penyelidik dari pelbagai agensi secara fizikal serta dalam talian menyertai Persidangan Statistik Malaysia (MyStats) ke-11 2024 di Sasana Kijang, Bank Negara Malaysia di sini pada Khamis.

Timbalan Menteri Ekonomi, Datuk Hanifah Hajar Taib berkata, persidangan ini merupakan antara platform yang membolehkan para perangkawan, penyelidik, ahli akademik dan pengguna data untuk memahami dan membincangkan hal berkaitan pengurusan data dan sosio ekonomi semasa di samping perkembangan teknologi yang semakin maju pada hari ini.

“Saya berkeyakinan bahawa melalui kertas pembentangan MyStats pada hari ini, kita dapat menambah input-input yang signifikan bagi memperkukuh proses asimilasi kecerdasan buatan di negara kita.

“Dengan menggunakan data yang kaya dan analitik mendalam, kita dapat membuat keputusan lebih baik, meningkatkan kecekapan dan menginovasi dalam pelbagai bidang, yang semuanya membawa kepada peningkatan kualiti hidup dan pembangunan berterusan,” ujarnya.

Beliau berkata demikian ketika menyampaikan ucapan perasmian pada persidangan tersebut dianjurkan Jabatan Perangkaan Malaysia, Bank Negara Malaysia dan Institut Statistik Malaysia dengan tema “Data dan Kecerdasan Buatan: Memperkasa Masa Depan” di sini pada Khamis.

Hadir sama, Ketua Perangkawan Malaysia, Datuk Seri Dr Mohd Uzir Mahidin dan Timbalan Gabenor Bank Negara Malaysia, Datuk Marzunisham Omar.

Sementara itu, menurut Mohd Uzir, tema persidangan kali ini mencerminkan peranan yang semakin meningkat dalam menggabungkan teknologi dan data untuk mencipta inovasi serta meningkatkan keberkesanan dalam pelbagai sektor di negara kita.

Jelasnya, ia bertujuan menyediakan platform untuk ahli statistik, penyelidik, ahli ekonomi, pembuat dasar, ahli akademik untuk mengetengahkan idea baharu dan meningkatkan pemahaman bersama dalam bidang statistik, selain mewujudkan jalinan kerjasama dan rangkaian yang lebih baik.

“Ini dapat meningkatkan lagi keberkesanan analisis dan penggubalan dasar kerajaan yang dibuat berdasarkan fakta.

“MyStats ialah platform untuk mengumpulkan ahli statistik, pembuat dasar dan pengamal statistik terkenal yang memberikan pelbagai manfaat kepada komuniti statistik,” ujarnya pada persidangan berkenaan.

Terdahulu, persidangan bermula dengan sesi ucap tama yang membincangkan dengan lebih lanjut berkenaan tema persidangan disampaikan Ketua Pegawai Eksekutif juga merupakan Presiden Asia School of Business, Profesor Sanjay Sarma.

Persidangan kemudiannya diteruskan dengan dua sesi forum menghuraikan perihal gaji progresif dengan membincangkan pandangan majikan dan penyelidik berkaitan pelaksanaan gaji progresif dan komitmen kerajaan bagi mereformasi pasaran buruh dengan matlamat untuk meningkatkan pendapatan pekerja selari dengan peningkatan produktiviti.

Pengenalan dasar baharu ini akan menjadi pelengkap kepada inisiatif gaji sedia ada iaitu perintah gaji minimum dan sistem upah yang dikaitkan dengan produktiviti (Productivity Linked-Wage System – PLWS).

Forum kedua adalah mengenai kecerdasan buatan (Al) dan dilema kehilangan pekerjaan bagi membincangkan berkenaan kecerdasan buatan (Al) yang telah membawa perubahan besar dalam era Revolusi Industri 4.0 (IR 4.0).

Selain itu, persidangan ini turut mengiktiraf sumbangan pengamal statistik melalui anugerah “Mystats The Best Young Statistician Presenter”, “The Best Oral Presenter” dan “The Best Poster Presenter” sebagai penghargaan dalam mengiktiraf bakat mereka dari segi penyelidikan dan penghasilan statistik berimpak tinggi.

Sebelum ini, Jabatan Perangkaan Malaysia (DOSM) telah melancarkan OpenDOSM NextGen sebagai medium menyediakan katalog data dan visualisasi bagi memudahkan pengguna menganalisis pelbagal data, OpenDOSM NextGen adalah platform perkongsian data sumber terbuka dan boleh diakses melalui portal https://open.dosm.gov.my.

Dalam masa sama, DOSM sedang menjalankan banci pertanian dan juga survei pendapatan dan perbelanjaan (HIES) POSM juga akan menyambut Hari Statistik Negara pada bulan hadapan dan Sambutan Jubli Intan Ke-75 Tahun DOSM yang akan berlangsung di Pulau Pinang November ini.

Originally published by Sinar Harian.

AI continues to challenge traditional notions about productivity and personal competence

IN THE ever-evolving landscape of technology, the emergence of artificial intelligence (AI) has heralded a significant paradigm shift in how we live, work and play.

There is no contesting that AI will permeate into more aspects of our lives, bringing along new experiences and opportunities.

Along with the tidal wave of change that AI brings, it continues to challenge traditional notions about productivity and personal competence and affects how we perceive and engage with work.

Unlike previous technological advancements like computers, mobile phones or other hardware and machinery, AI tools not only assist but also execute tasks for humans, fundamentally altering the dynamics of work engagement and mastery experiences.

The benefits gained from having AI take over tasks previously performed by humans are easy to see and understand — more efficient processes, less human errors and more consistent outputs.

What is less obvious is the fundamental change in the nature of work experiences — such as the perceived value of the work done as we allow AI to perform more and more of our work.

Traditionally, mastery experiences involve individuals actively overcoming challenges, refining their skills and eventually achieving desired outcomes. This gives value to their work and enhances their sense of competence.

Therefore, it can be said that as AI assumes greater responsibility for task execution, opportunities for individuals to derive that value and sense of satisfaction diminish, posing a challenge to the traditional link between hard work and success.

The belief that hard work directly leads to success is a fundamental social contract. Individuals invest time, effort and dedication under the assumption that their contributions will lead to tangible rewards and advancements.

If this belief is eroded or weakened due to AI’s growing role in task execution, it could leave individuals disillusioned and disheartened. The far-reaching negative consequences of widespread disillusionment due to a perceived disconnect between hard work and success can manifest in various aspects of society.

For instance, if entrepreneurs no longer believe that working hard leads to success, they may lose their motivation to innovate, take risks and persevere through setbacks. This can lead to a reluctance to start new ventures or pursue ambitious goals, stifling economic growth and innovation.

To test this hypothesis, we examined data collected by the Pew Research Centre from over 4,000 adults in the US. This dataset measured participants’ attitudes toward AI and the importance they placed on working hard by, for example, “Would you say that society generally places TOO MUCH importance on working and having a job, NOT ENOUGH importance on working and having a job, or is it just about right?”

We found that there was a positive correlation between positive attitudes toward AI and perceiving that society generally places too much importance on working and having a job, which suggests an association between favourable AI perceptions and a decreased emphasis on the value of traditional hard work.

We then conducted two experiments with another 389 working adults across from a wide range of industries from the US and the UK to test the causal link between the use of AI and the devaluation of labour and hard work.

In these studies, participants were asked to write a short essay on various topics. They were assigned to do it either with or without the assistance of ChatGPT. After collecting essays from participants, we had them rate the perceived value of hard work in the context of their writing process. Following this, also we hired 572 external raters to evaluate these essays.

The results indicated that participants who utilised AI assistance to write their essays perceived hard work as less valuable compared to participants who wrote their essays without assistance, indicating that using AI had a detrimental effect on the value they placed on hard work.

However, when it came to the matter of quality of work, the external raters reported the essays written with AI assistance to be of higher quality than those written without assistance. This was despite the fact that participants who used ChatGPT took less time on average (7.47 minutes) to write their essays compared to participants who did not use ChatGPT (9.31 minutes).

Finally, we conducted a study to replicate these experiments with 100 Singaporean students aged 12-15. It was interesting to note that this test with the students did not yield the same results as with the adults — students who engaged in an AI-assisted task did not perceive hard work as any less valuable compared to students who completed the task without AI assistance.

These results suggest that adolescents, having grown up in the era of technology and AI, perhaps are not as affected by these technologies in the same manner as adults. However, more research is needed to truly understand the generational differences between our responses to the prevalence of AI in our lives.

In sum, while AI undeniably enhances efficiency and objective quality of work, it concurrently fosters a perception of work as less distinctive and diminishes the subjective value accorded to hard work.

In other words, AI assistance erodes people’s sense of competence fulfilment, making them feel less unique and diminishing the value of their efforts.

How then should organisations look at adopting and integrating AI in the workplace?

Today, organisations are continually exploring avenues to bolster efficiency and streamline operations, and one such avenue is the integration of AI into the workplace. With its capacity to automate routine tasks, process vast datasets and provide data-driven insights,

AI holds the promise of revolutionising work processes, thereby enhancing productivity and bolstering competitiveness.

Whether it’s deploying AI-driven chatbots for customer service or leveraging AI algorithms for data analysis, organisations across industries are witnessing tangible improvements in operational efficiency as AI becomes increasingly integrated into their workflows.

Tasks that once demanded significant time and resources are now accomplished swiftly, thanks to AI-powered automation.

Consider the smartphone. On one hand, smartphones have undoubtedly made us more productive, allowing us to stay connected, access information on-the-go, and complete tasks efficiently.

However, the ubiquity of smartphones has also brought about unintended consequences, such as increased distraction at work, social media addiction, and feelings of loneliness and isolation.

Similarly, while AI holds the promise of boosting productivity in the workplace, there is a significant risk that it may also contribute to unintended drawbacks.

As organisations rush to adopt AI technologies in pursuit of efficiency gains, it is essential to acknowledge the potential unintended consequences that may arise, particularly concerning human motivation and the intrinsic value of place on hard work.

While AI may optimise processes and increase productivity on a surface level, our work suggests that its use could inadvertently lead to a gradual disengagement of employees from their work.

One way to counter this is for organisations to adopt a proactive approach to job redesign, aiming to provide employees with opportunities for mastery and purpose in the AI-enabled workplace.

Job redesign involves reimagining job roles and responsibilities to leverage AI for tasks that complement human skills, such as creativity, critical thinking, and complex problem-solving.

Rather than focusing solely on task automation, organisations can reallocate responsibilities to enable employees to develop a deeper understanding of their work and achieve mastery in multiple areas. This may include skill-based task rotation, challenging assignments, and opportunities for feedback and recognition.

For instance, AI can handle data analysis and provide insights, while employees engage in interpreting results, identifying patterns, and making strategic decisions based on these insights. This allows employees to develop a deeper understanding of the data and hone their analytical and deci- sion-making skills.

By redesigning jobs to emphasise skill development, challenging assignments, and recognition of achievements, organisations can foster a culture of continuous learning and growth.

Employees are empowered to engage in intellectually stimulating work, driving innovation and strategic decision-making. This not only enhances job satisfaction and employee retention but also reinforces the value of human contribution in the AI-enabled workplace.

Alexander Eng is the assistant professor at Asia School of Business and Sam Yam is the professor at the National University of Singapore.

Originally published by The Malaysian Reserve.

As artificial intelligence advances, its implications and transformative impact serves as a call to action for policy makers

AFTER more than 80 years in the making, artificial intelligence (AI) has finally reached a point of inflection with the advent of generative AI. Gen AI can redefine industries, reshape the labour market, and challenge the capabilities of both individuals and corporations.

As we navigate this rapidly evolving landscape, the need for strategic adaptation is becoming existential, encompassing reskilling initiatives for society, governmental financial and computation support, and corporate innovation.

Read the full article HERE.
Originally published by The Star.

KUALA LUMPUR: Kalangan ahli ekonomi yakin Keluaran Dalam Negara Kasar (KDNK) Malaysia bagi suku kedua 2024 akan berkembang pada 5.8 peratus berbanding 4.2 peratus pada suku pertama tahun ini.

Mereka berpendapat, pertumbuhan KDNK akan dirangsang oleh aktiviti perindustrian yang rancak, harga minyak sawit mentah lebih tinggi, pengangguran yang berkurangan dan peningkatan perbelanjaan.

Ahli ekonomi turut bersetuju ekonomi berada dalam kedudukan baik untuk berkembang antara 4.0 dan 5.0 peratus bagi keseluruhan 2024, dengan badan perakaunan memaklumkan, keyakinan global terhadap Malaysia meningkat dengan ketara berikutan telah mempamerkan daya tahan ekonomi yang jelas.

Ketua Ahli Ekonomi Bank Muamalat Malaysia Bhd, Dr Mohd Afzanizam Abdul Rashid, berkata pertumbuhan KDNK suku kedua 2024 akan sejajar dengan unjuran awal Jabatan Perangkaan Malaysia (DOSM) sebanyak 5.8 peratus.

Bercakap kepada Bernama, beliau berkata momentum pertumbuhan ekonomi akan berterusan sehingga suku kedua 2024, mengatasi pertumbuhan suku pertama 4.2 peratus.

Mohd Afzanizam berkata, data semasa menunjukkan ekonomi Malaysia dijangka berkembang baik pada Jun.

Beliau menekankan bahawa negara mencatat pertumbuhan lebih tinggi dalam indeks volum perkhidmatan dan indeks pengeluaran perindustrian, masing-masing meningkat 6.7 peratus dan 4.5 peratus, pada suku kedua 2024.

Beliau berkata, pengeluaran minyak sawit mentah naik dua angka kepada 15.9 peratus berbanding 3.4 peratus sebelum ini, menunjukkan peningkatan pendapatan eksport daripada sumber pendapatan komoditi bukan minyak utama negara.

Selain itu, Mohd Afzanizam berkata kadar pengangguran kekal pada 3.3 peratus untuk tiga suku berturut-turut, tetapi jumlah pengangguran susut kepada 557,800 pada suku kedua 2024 daripada 561,100 pada suku pertama 2024.

“Sehubungan itu, pasaran pekerjaan Malaysia mungkin telah mencapai status pekerjaan penuh, menandakan terdapat banyak pekerjaan boleh diisi dan lebih ramai rakyat mempunyai pekerjaan dan meraih pendapatan.

“Pengenalan akaun pengeluaran fleksibel oleh Kumpulan Wang Simpanan Pekerja (KWSP), di samping program pemindahan tunai, akan memungkinkan trajektori pertumbuhan yang lebih tinggi dalam tempoh terdekat.

“Sehubungan itu, KDNK suku kedua 2024 sewajarnya lebih tinggi berbanding suku sebelumnya,” kata beliau.

Professor of Practice dan Pengarah Pusat Penyelidikan Perbankan Pusat di Asia School of Business, Ozer Karagedikli senada dengan Mohd Afzanizam, sambil menyatakan KDNK yang diunjur berkembang 5.8 peratus, mendorong keyakinan terhadap keteguhan ekonomi negara.

Karagedikli berkata, Malaysia mempunyai potensi ekonomi yang besar, justeru kadar pertumbuhan antara 4.0 dan 5.5 peratus mungkin boleh dicapai.

Beliau berkata, memandangkan julat berkenaan adalah luas, keadaan sedemikian adalah rumit berikutan untuk mencapai pertumbuhan konsisten hampir enam peratus dijangkakan mencabar.

“Ia tidak semudah itu memandangkan untuk mencapai kadar pertumbuhan yang konsisten hampir 6.0 peratus tahun demi tahun adalah munasabah, tetapi mungkin berdepan cabaran, tanpa pembaharuan ketara untuk meningkatkan produktiviti dan daya saing ekonomi,” katanya.

Sementara itu, Kaji Selidik Situasi Ekonomi Global oleh Persatuan Akauntan Bertauliah Berkanun (ACCA) dan Institut Akauntan Pengurusan mendapati keyakinan akauntan dan profesional kewangan global meningkat terhadap ekonomi Malaysia, terutama bagi suku kedua 2024.

ACCA dalam kenyataan berkata, rantau Asia Pasifik, termasuk Malaysia, telah menunjukkan daya tahan yang ketara, memberikan gambaran lebih jelas mengenai hala tuju aliran ekonomi serantau dan keutamaan risiko.

“Malaysia, sebagai sebahagian daripada rantau Asia Pasifik, telah mencerminkan arah aliran positif ini. Sektor pembuatan negara telah menyaksikan peningkatan yang ketara, didorong oleh peningkatan permintaan global dan kemajuan teknologi,” katanya.

Menurutnya, tinjauan itu mendapati inisiatif kerajaan Malaysia baru-baru ini untuk merangsang ekonomi digital dan meningkatkan infrastruktur terus menyokong pertumbuhan itu.

“Dasar utama seperti Aspirasi Pelaburan Nasional dan Pelan Tindakan Ekonomi Digital Malaysia telah memainkan peranan penting dalam memacu daya tahan ekonomi,” katanya.

Ketua Ahli Ekonomi Global Juwai IQI Shan Saeed turut mengunjurkan KDNK bergerak antara 4.0 hingga 4.5 peratus pada suku kedua 2024, didorong oleh pertumbuhan ekonomi Malaysia yang kukuh secara keseluruhan, dalam keadaan ketidaktentuan ekonomi global, risiko geopolitik dan kejatuhan pasaran ekuiti di barat.

Beliau berkata, ekonomi global yang tidak menentu telah menyebabkan ekonomi Malaysia kekal sebagai penerima manfaat dan terus menarik pelaburan berikutan pelabur akan berpindah ke negara yang mempunyai pelaburan infrastruktur yang kukuh.

“Penggunaan dan pelaburan (antara petunjuk KDNK) dijangka teguh, sekali gus memperkukuh kestabilan ekonomi. Sementara itu, ketibaan pelancong,teknologi litar bersepadu (ICT), dan eksport komoditi memberi isyarat positif kepada pasaran,” katanya.

Pada 19 Julai, DOSM mengumumkan ekonomi Malaysia diunjurkan berkembang 5.8 peratus pada suku kedua 2024, meningkat daripada 4.2 peratus pada suku sebelumnya serta pertumbuhan tertinggi sejak suku keempat 2022 yang mencatatkan 7.4 peratus.

Ketua Perangkawan, Datuk Seri Dr Mohd Uzir Mahidin, berkata, bagi separuh pertama 2024, KDNK meningkat 5.0 peratus berbanding 4.1 tahun lalu.

Katanya, ekonomi Malaysia dijangka meneruskan momentum pertumbuhan, disokong oleh faktor domestik dan didorong oleh eksport, dengan prospek yang positif sepanjang tahun ini.

Bank Negara Malaysia (BNM) akan mengeluarkan data rasmi KDNK suku kedua 2024 pada Jumaat.

Mohd Afzanizam berpendapat Malaysia berada di landasan yang tepat untuk mencapai unjuran julat KDNK antara 4.0 peratus hingga 5.0 peratus tahun ini.

“Risiko kepada pertumbuhan agak seimbang buat masa ini berikutan ekonomi utama masih berkembang dalam zon positif. Apa yang penting pada masa ini adalah risiko kenaikan yang terhasil daripada rasionalisasi subsidi bahan api, terutama RON95,” katanya.

Selain itu, Mohd Afzanizam berkata pendirian dalam kalangan perniagaan dari segi penetapan harga menunjukkan kecenderungan untuk meningkatkan harga, yang akan diterjemahkan kepada jangkaan inflasi yang lebih tinggi.

“Sehubungan itu, BNM dijangka mengekalkan pendirian dasar monetari semasanya memandangkan ia perlu mencapai keseimbangan yang wajar antara menggalakkan pertumbuhan ekonomi dan mengelak risiko inflasi lebih tinggi.

“Pada 3.00 peratus, OPR dilihat berada pada kedudukan wajar untuk BNM terus menyokong ekonomi,” kata beliau.

Sementara itu, Shan mengunjurkan KDNK Malaysia pada 2024 menokok daripada 4.3 peratus kepada 4.8 peratus, didorong oleh kestabilan makroekonomi, harga komoditi yang lebih tinggi, tarikan (ICT)/semikonduktor dan geografi yang strategik.

“Harga minyak yang lebih tinggi akan memberi manfaat kepada kerajaan dari segi mengukuhkan bahagian fiskal lembaran imbangan.

Shan berkata, di samping itu, dari segi geografi, Malaysia terletak dalam kedudukan strategik memandangkan 80 peratus daripada perdagangan China bergerak melalui Selat Melaka manakala 25 peratus daripada bekalan minyak global turut merentas laluan laut yang sama.

“Ini menjadikan Malaysia sebagai lokasi ideal kepada ramai pelabur mempertimbangkan negara ini bagi pelaburan jangka panjang dan penggunaan sumber,” katanya.

Menurut BNM, ekonomi Malaysia diunjurkan berkembang antara 4.0 dan 5.0 peratus pada 2024, disokong oleh permintaan dalam negeri yang terus berkembang dan peningkatan permintaan luaran.

Dalam laporan Tinjauan Ekonomi dan Monetari 2023, bank pusat berkata pertumbuhan akan dipacu oleh perbelanjaan dalam negeri yang berdaya tahan, dengan sokongan tambahan daripada jangkaan pemulihan dalam eksport.

“Pelancongan dijangka terus bertambah baik manakala pelaksanaan projek berbilang tahun yang baharu dan sedia ada oleh sektor swasta dan awam akan menyokong aktiviti pelaburan.

“Bagaimanapun, pertumbuhan dalam negeri masih tertakluk kepada risiko pertumbuhan menjadi perlahan disebabkan oleh faktor luaran dan dalam negeri,” menurut BNM.

Originally published by Berita Harian.

KUALA LUMPUR, 14 Ogos (Bernama) — Kalangan ahli ekonomi yakin Keluaran Dalam Negara Kasar (KDNK) Malaysia bagi suku kedua 2024 akan berkembang pada 5.8 peratus berbanding 4.2 peratus pada suku pertama tahun ini.

Mereka berpendapat pertumbuhan KDNK akan dirangsang oleh aktiviti perindustrian yang rancak, harga minyak sawit mentah lebih tinggi, pengangguran yang berkurangan dan peningkatan perbelanjaan.

Ketua Ahli Ekonomi Bank Muamalat Malaysia Bhd Dr Mohd Afzanizam Abdul Rashid berkata pertumbuhan KDNK suku kedua 2024 akan sejajar dengan unjuran awal Jabatan Perangkaan Malaysia (DOSM) sebanyak 5.8 peratus.

Bercakap kepada Bernama, beliau berkata momentum pertumbuhan ekonomi akan berterusan sehingga suku kedua 2024, mengatasi pertumbuhan suku pertama 2024 sebanyak 4.2 peratus.

Mohd Afzanizam berkata data semasa menunjukkan ekonomi Malaysia dijangka berkembang baik pada Jun.

Beliau berkata pengeluaran minyak sawit mentah naik dua angka kepada 15.9 peratus berbanding 3.4 peratus sebelum ini, menunjukkan peningkatan pendapatan eksport daripada sumber pendapatan komoditi bukan minyak utama negara.

“Pengenalan akaun pengeluaran fleksibel oleh Kumpulan Wang Simpanan Pekerja, di samping program pemindahan tunai, akan memungkinkan trajektori pertumbuhan yang lebih tinggi dalam tempoh terdekat.

“Sehubungan itu, KDNK suku kedua 2024 sewajarnya lebih tinggi berbanding suku sebelumnya,” kata beliau.

Professor of Practice dan Pengarah Pusat Penyelidikan Perbankan Pusat di Asia School of Business Ozer Karagedikli senada dengan Mohd Afzanizam, sambil menyatakan KDNK yang diunjur berkembang 5.8 peratus, mendorong keyakinan terhadap keteguhan ekonomi negara.

Karagedikli berkata Malaysia mempunyai potensi ekonomi yang besar, justeru kadar pertumbuhan antara 4.0 dan 5.5 peratus mungkin boleh dicapai.

Beliau berkata memandangkan julat berkenaan adalah luas, keadaan sedemikian adalah rumit berikutan untuk mencapai pertumbuhan konsisten hampir enam peratus dijangkakan mencabar.

ACCA dalam kenyataan berkata rantau Asia Pasifik, termasuk Malaysia, telah menunjukkan daya tahan yang ketara, memberikan gambaran lebih jelas mengenai hala tuju aliran ekonomi serantau dan keutamaan risiko.

Menurutnya tinjauan itu mendapati inisiatif kerajaan Malaysia baru-baru ini untuk merangsang ekonomi digital dan meningkatkan infrastruktur terus menyokong pertumbuhan itu.

“Dasar utama seperti Aspirasi Pelaburan Nasional dan Pelan Tindakan Ekonomi Digital Malaysia telah memainkan peranan penting dalam memacu daya tahan ekonomi,” katanya.

Beliau berkata ekonomi global yang tidak menentu telah menyebabkan ekonomi Malaysia kekal sebagai penerima manfaat dan terus menarik pelaburan berikutan pelabur akan berpindah ke negara yang mempunyai pelaburan infrastruktur yang kukuh.

“Penggunaan dan pelaburan (antara petunjuk KDNK) dijangka teguh, sekali gus memperkukuh kestabilan ekonomi. Sementara itu, ketibaan pelancong, teknologi litar bersepadu (ICT), dan eksport komoditi memberi isyarat positif kepada pasaran,” katanya.

Ketua Perangkawan Datuk Seri Dr Mohd Uzir Mahidin berkata, bagi separuh pertama 2024, KDNK meningkat 5.0 peratus berbanding 4.1 tahun lepas.

Katanya ekonomi Malaysia dijangka meneruskan momentum pertumbuhan, disokong oleh faktor domestik dan didorong oleh eksport, dengan prospek yang positif sepanjang tahun ini.

Bank Negara Malaysia (BNM) akan mengeluarkan data rasmi KDNK suku kedua 2024 pada Jumaat.

Malaysia berada di landasan tepat capai unjuran KDNK 2024

Mohd Afzanizam berpendapat Malaysia berada di landasan yang tepat untuk mencapai unjuran julat KDNK antara 4.0 peratus hingga 5.0 peratus tahun ini.

“Pada 3.00 peratus, OPR dilihat berada pada kedudukan wajar untuk BNM terus menyokong ekonomi,” kata beliau.

“Harga minyak yang lebih tinggi akan memberi manfaat kepada kerajaan dari segi mengukuhkan bahagian fiskal lembaran imbangan.

“Ini menjadikan Malaysia sebagai lokasi ideal kepada ramai pelabur mempertimbangkan negara ini bagi pelaburan jangka panjang dan penggunaan sumber,” katanya.

Menurut BNM, ekonomi Malaysia diunjurkan berkembang antara 4.0 dan 5.0 peratus pada 2024, disokong oleh permintaan dalam negeri yang terus berkembang dan peningkatan permintaan luaran.

“Pelancongan dijangka terus bertambah baik manakala pelaksanaan projek berbilang tahun yang baharu dan sedia ada oleh sektor swasta dan awam akan menyokong aktiviti pelaburan.

“Bagaimanapun, pertumbuhan dalam negeri masih tertakluk kepada risiko pertumbuhan menjadi perlahan disebabkan oleh faktor luaran dan dalam negeri,” menurut BNM.

Originally published by Bernama.

KUALA LUMPUR, Aug 14 (Bernama) — Economists agree that Malaysia’s gross domestic product (GDP) for the second quarter of 2024 (2Q 2024) will expand by a phenomenal 5.8 per cent from 1Q 2024’s 4.2 per cent.

They said GDP growth will be bolstered by brisk industrial activities, higher crude palm oil prices, fewer unemployed people, and increased spending.

The economists also concur that the economy is well-positioned to expand by between 4.0 and 5.0 per cent for the whole of 2024, with an accounting body stating that global confidence in Malaysia has improved significantly as it has shown notable economic resilience.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said 2Q 2024’s GDP growth would be in line with the Department of Statistics Malaysia (DoSM) advance estimates of 5.8 per cent.

He told Bernama that the economy’s growth momentum would continue into 2Q 2024 beating 1Q 2024’s growth of 4.2 per cent markedly.

Mohd Afzanizam said the prevailing data points suggest Malaysia’s economy is expected to do well in June.

He highlighted that the country recorded higher growth in the volume index of services and the industrial production index, which rose by 6.7 per cent and 4.5 per cent, respectively, in 2Q 2024.

He added that crude palm oil production has increased by double-digits to 15.9 per cent from 3.4 per cent previously, indicating increased export income from the country’s top non-oil commodity earner.

Besides this, Mohd Afzanizam pointed out that the unemployment rate has remained at 3.3 per cent for three consecutive quarters, but the number of unemployed individuals has declined to 557,800 in 2Q 2024 from 561,100 in 1Q 2024.

“On that note, Malaysia’s employment markets may have reached full employment status, meaning there are plenty of jobs to be found and more people have jobs and have been receiving income.

“The introduction of flexible withdrawal accounts by the Employees Provident Fund, along with cash transfer programmes, will allow for a higher growth trajectory in the immediate terms.

“Hence, 2Q 2024’s GDP should be higher than the previous quarter,” he said.

Ozer Karagedikli, professor of practice and director of the Central Banking Research Centre at Asia School of Business, agreed with Mohd Afzanizam, saying GDP is estimated to expand by 5.8 per cent, fostering optimism over the nation’s economic strength.

Karagedikli said Malaysia’s economic potential is substantial, and a growth rate between 4.0 and 5.5 per cent can be achieved.

He said the range is wide and cautioned that the situation is complex because achieving consistent growth close to six per cent might be challenging.

“It is not so simple as achieving consistent growth rates close to 6.0 per cent year after year is possible but might prove challenging without significant reforms to enhance the economy’s productivity and competitiveness,” he said.

Meanwhile, the latest Global Economic Conditions Survey by the Association of Chartered Certified Accountants (ACCA) and Institute of Management Accountants found a slight improvement in global confidence among accountants and finance professionals in Malaysia’s economy, especially for 2Q 2024.

In a statement, the ACCA said that the Asia Pacific region, including Malaysia, has shown notable resilience, providing key insights into regional economic trends and risk priorities.

“Malaysia, as part of the Asia Pacific region, has mirrored these positive trends. The country’s manufacturing sector has seen a notable uptick, driven by increased global demand and advancements in technology,” it said.

The ACCA said the survey found that the Malaysian government’s recent initiatives to boost the digital economy and enhance infrastructure have further supported the growth.

“Key policies such as the National Investment Aspirations and the Malaysia Digital Economy Blueprint have been instrumental in driving economic resilience,” it added.

Juwai IQI global chief economist Shan Saeed also expects GDP to hover between 4.0 to 4.5 per cent in 2Q 2024, driven by Malaysia’s overall solid economic growth amid global economic uncertainties, geopolitical risk and the collapse of equity markets in the West.

He said global economic uncertainties have led Malaysia’s economy to remain a beneficiary and continue to attract investment as investors would move to countries where infrastructure investment is solid.

“Consumption and investment (among the indicators of GDP) are expected to be strong, bolstering economic stability. Meanwhile, tourists’ arrival, integrated circuit technology (ICT), and commodities exports are sending positive signals to the market,” he said.

On July 19, DoSM reported an estimated 5.8 per cent expansion in 2Q 2024, up from 4.2 per cent in the previous quarter and the highest growth since 7.4 per cent in 4Q 2022.

For the first half of 2024, chief statistician Datuk Seri Mohd Uzir Mahidin said GDP rose by 5.0 per cent versus 4.1 a year ago, and Malaysia’s economy is expected to continue its growth momentum, supported by domestic and export-driven factors, with a positive outlook for the rest of the year.

Bank Negara Malaysia (BNM) will release the official 2Q 2024 GDP data on Friday.

Malaysia on track to meet 2024 GDP forecast

Mohd Afzanizam opined that Malaysia is on track to meet its range forecast for its GDP of between 4.0 per cent to 5.0 per cent this year.

“Risks to growth are fairly balanced for now, given that the major economies are still growing in a positive territory. What matters now is the upside risk arising from the rationalisation of fuel subsidies, especially on RON95,” he said.

Additionally, Mohd Afzanizam said the pricing behaviour among businesses indicated a tendency for prices to be raised, which would translate into an expectation of higher inflation.

“On that note, the BNM is expected to keep its current monetary policy stance at status as it needs to strike the right balance between promoting economic growth and keeping the risks of higher inflation at bay.

“At 3.00 per cent, the OPR appears to be at the right spot for BNM to remain supportive of the economy,” he added.

Meanwhile, Shan foresees Malaysia’s 2024 GDP edging up from 4.3 per cent to 4.8 per cent, which is supported by macroeconomic stability, higher commodity prices, ICT/semiconductor attraction, and ⁠strategic geography.

“Higher oil prices would benefit the government in terms of consolidating the fiscal side of the balance sheet.

“ICT demand is growing globally. Malaysia is in a perfect position to supply more, thus creating jobs and more revenue for companies and helping the GDP growth at the macro level,” he said.

Additionally, Shan said that geographically, Malaysia is located at a strategic point as 80 per cent of China’s trade moves through the Strait of Malacca, while 25 per cent of global oil supplies also pass through the same seaway.

“This makes Malaysia an ideal location for many investors to consider the country for long-term investment and resource deployment,” he said.

According to BNM, the Malaysian economy is projected to grow between 4.0 per cent and 5.0 per cent in 2024, underpinned by continued expansion in domestic demand and improvement in external demand.

In its Economic and Monetary Review 2023 report, the central bank said growth will be driven by resilient domestic expenditure, with additional support from the expected recovery in exports.

“Tourism is expected to improve further while implementing new and ongoing multi-year projects by both the private and public sectors would support investment activity.

“Nevertheless, domestic growth remains subject to downside risks from both external and domestic factors,” BNM added.

Originally published by Bernama.

KUALA LUMPUR: Unjuran awal Keluaran Dalam Negara Kasar (KDNK) Malaysia yang menunjukkan ekonomi berkembang 5.8 peratus pada suku kedua 2024, mendorong keyakinan terhadap keteguhan ekonomi negara, kata Profesor Ozer Karagedikli (bergambar).

Karagedikli yang juga Professor of Praxtice dan Pengarah Pusat Penyelidikan Perbankan Pusat di Asia School of Business (ASB) itu berkata, Malaysia mempunyai potensi ekonomi yang besar, justeru kadar pertumbuhan ini mungkin tercapai.

Read the full article HERE.
Originally published by Utusan Sarawak.

KUALA LUMPUR: Advance estimates for Malaysia’s gross domestic product (GDP) suggest the economy expanded by 5.8 per cent in the second quarter (2Q) of 2024, fostering optimism about the nation’s economic strength, according to Professor Ozer Karagedikli.

Karagedikli, professor of practice and director of the Central Banking Research Centre at Asia School of Business (ASB), noted that Malaysia’s economic potential is substantial and this growth rate appears achievable.

Nevertheless, he cautioned that the situation is complex.

“It is not simple. My assessment is that Malaysia’s trend growth rate is likely in the range of 4.0 and 5.5 per cent, which is a wide range in itself.

“Achieving consistent growth rates close to 6.0 per cent year after year is possible but might prove challenging without significant reforms to enhance the economy’s productivity and competitiveness,” he said in a statement. – Bernama

Originally published by The Borneo Post

On 12 and 13 June 2024, the ASEAN Research Center (ARC) at the Asia School of Business (ASB) held its two-day ASB-UNHCR Conference on Refugee Studies and Forced Displacement 2024. This annual conference, hosted in collaboration with UNHCR, the UN Refugee Agency, is dedicated to presenting and expanding the availability of academic literature on refugee studies and forced displacement. This year’s conference featured a special focus on bilateral learnings of refugee contexts between Brazil and Malaysia, facilitated through a special knowledge exchange with the Embassy of Brazil in Kuala Lumpur.

“We are proud to welcome everyone here to the fourth iteration of this event. As academics, it is incumbent upon us to fill in the existing gaps in knowledge around these critical social issues,” said Prof. Sanjay Sarma, the Chief Executive Officer, President, and Dean of the ASB. His welcome address to the audience of approximately 200 individuals in the Khazanah Auditorium at the Asia School of Business concluded with a brief moment of silence in recognition of the ongoing human rights crises leading to forced displacement around the world, from the Middle East to Sudan.

The conference was attended by a international network of academics, policymakers, researchers, civil society organisations, and members of the refugee community to discuss critical developments in refugee rights, and to share their knowledge about existing mechanisms available to improving the lives of refugees on a global scale.

Across both days, there will be research presentations from ten academics, including representation from the United States, Bangkok, Singapore, and Brunei Darussalam. Each day of the conference will conclude with a walkthrough poster presentation from 17 contributing researchers, and a bazaar featuring the work of 20 refugee entrepreneurs selling handmade crafts and food products.

This year’s conference received special support from the Brazilian Embassy, who facilitated two special learning sessions on their innovative approach to refugee policy.

H. E. Ary Norton de Murat Quintella, Ambassador of Brazil to Malaysia addressed the crowd as part of the opening proceedings. “The countries of Latin America, just as the ones in Southeast Asia, are mainly developing, middle income countries. As such, they face constant challenges to ensure the proper and full implementation of their refugee policies, taking into account the fiscal and political constraints for government action in emergent economies.” He delivered an impassioned speech on the importance of “continuous dialogue and the exchange of experiences and good practices” between Global South countries, and stressed the importance of addressing the possible economic causes of forced displacement, not just the symptoms.

“While refugees are often forced to leave their possessions behind, their creativity, skills, and qualifications stay with them,” said Mr. Thomas Albrecht, the UNHCR Representative in Malaysia, stressing the importance of refugee rights. “Being a refugee is a circumstance – it is not who a person is. … We have seen countless examples here in Malaysia itself of refugees able to use their talents and passions to not only uplift their lives, but whole communities.”

Dr. Pedro Cicero, the General Coordinator of the Brazilian National Committee for Refugees (CONARE) delivered his flagship presentation on Brazil’s innovative approach to refugee inclusion. He delved into the nation’s unique prima facie refugee policy, under which individuals are granted the presumption of inclusion with a simplified asylum process.

Dr. Cicero’s remarks about the importance of treating refugees with dignity were echoed by Ms. Comfort Wobil Brima, a representative from the West African Refugee Community in Malaysia. She spoke movingly about the realities faced by refugee youths in particular: “Do they have security? Who do they cry to? Do they get a daily meal all the time? These are questions that most teenagers within the refugee community, especially those who are unaccompanied minors, ask on a daily basis.”

In concluding the proceedings on the first day, ARC’s Faculty Director, Prof. Melati Nungsari, reminded the audience of the importance of academic interventions in resolving social change.

She said, “New forms of media, social and otherwise, provide us with unprecedented access to the realities of people facing forced displacement and human rights violations worldwide. Despite the negative perceptions that many Malaysians have about refugees, the findings of the research show that it is possible for these attitudes to change for the better. Events like these serve as spaces for reflection and collaboration, through which academics and the public alike can arrive at new approaches and ways of thinking.”. Bringing together researchers from different countries and various interests, the first day of the conference featured research presentation sessions built around the theme of Intervention Mechanisms.

Dr. Tan Sok Teng of the National University of Singapore (NUS) presented her work researching the impact of social capital on the healthcare services available to Rohingya refugees in Malaysia. From the Refugee Emergency Fund (REF), Dr. Norliza Nordeen used the work done by REF to highlight many of the financial challenges faced by refugees when accessing healthcare. Lastly Dr. Melati Nungsari, Faculty Director of the ARC presented her own research on stereotypes from the general public to understand Malaysian perceptions of refugees.

On the second day of the conference, there were further presentation sessions themed around Policy Implementations and Social Attitudes. The session on policy implementations showcased Dr. Samina Khan’s (University Kebangsaan Malaysia) research on how climate change impacts refugees, Dr. Mary Rose Geraldine A. Sarausad’s (Asian Institute of Technology) analysis of Thailand’s national screening mechanism, and an overview of the Bangkok Principles by Dr. Lily Song (Otago University). From a social attitudes perspective, Dr. Kimberley Kong (Universiti Sains Malaysia) presented her research about the early childhood education of refugees in Malaysia, and Dr. AKM Ahsan Ullah (University of Brunei Darussalam) explored questions around the international response to refugees from Gaza.

The two-day conference came to an end with a film screening and panel discussion featuring independent filmmaker Laura Low, refugee representative Asiya Arian, and Prof. Melati Nungsari. Their insightful reflections about how mass media can affect our perceptions of refugees brought a human touch to the academic discussions, especially when accompanied by a screening of “Still in Motion,” a short film by Laura Low that explores themes of human resilience, faith and survival from the perspective of two Rohingya refugees.

The ASB and ARC are most grateful to all attendees, researchers, and partners for their invaluable contributions to this meaningful event as yet another step towards developing our collective understanding of the challenges faced by refugees and forcibly displaced persons. We extend a special thanks to the diplomatic community in attendance, including the Ambassadors of Brazil, Chile, Uruguay, Spain, and Venezuela.

ENDS

Author: Batman

Need more information? Reach out to us.